WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

CVC STRUGGLES WITH TERRIBLE RESULTS IN ASIA
When CVC raised a $4.12bn Asian buy-out fund in 2008, Marc St John, its head of investor relations, referred to the private equity group’s record in the region when he said investors “like what they see”. A few years and a financial crisis later, investors are no longer happy about what they see from a group seen as a profitmaking machine. “Their second Asian fund is very disappointing,” one says.

DEUTSCHE BANK PUTS €2BN PRICE TAG ON UNIT
Deutsche Bank has launched the sale of its global asset management business following a strategic review, putting a price tag of about €2bn on it. Initial bids are due in the spring. As many as 50 parties have registered an interest, including Wells Fargo, Royal Bank of Canada and Ameriprise.

LEADING BARRISTER TO TAKE OVER AT FRAUD OFFICE
David Green, a leading barrister and former head of Revenue and Customs prosecution office, is to take charge of the Serious Fraud Office next year as it extends its powers into new areas and grapples with stiff budget cuts.

People familiar with the situation told the Financial Times that the attorney-general would name Mr Green to the post, possibly as early as Friday.

BARCAP SET FOR €1BN SALE OF GERMAN PROPERTIES
Barclays Capital is preparing for the sale of more than €1bn worth of German apartments in a deal that would mark one of Europe’s largest residential property deals since the start of the financial crisis. The sale, understood to have generated interest from private equity and trade buyers, involves 26,000 residential properties, predominantly in Berlin, Hanover and Magdeburg.

THE TIMES

MANY HAPPY RETURNS FOR MAN BEHIND CLINTON CARDS
A “get well soon” card might have been more appropriate given the struggles of his company, but instead Don Lewin, the founding chief executive of Clinton Cards, was paid £1m last year even though the retailer dived to an annual operating loss. The payment, the second year running in which he banked £1m, raised eyebrows among some shareholders.

WORLD ECONOMY PAYS RECORD BILL FOR NATURAL DISASTERS
A torrent of natural disasters in which about 30,000 people lost their lives has cost the worldwide economy a record $350bn (£226bn) this year, according to figures published yesterday. Earthquakes, hurricanes and floods wrought havoc, leaving homes, businesses, bridges and roads devastated.

The Daily Telegraph

SSE TO PAY £5M TO CUSTOMERS WHO WERE MISSOLD
British utility SSE pledged £5m to reimburse customers who had been misled into switching suppliers, including through controversial doorstep sales of energy that it scrapped in July this year. The guarantee will apply to any household energy sale made by SSE since October 2009, and takes effect from January, it said.

OLEG DERIPASKA'S RUSAL WANTS FLEXIBILITY FROM LENDERS
The world’s biggest aluminium producer sounded a warning on global demand as it asked its lenders to ease the terms of its loans. Rusal, headed by Russian billionaire Oleg Deripaska, said it is in talks with its banks “in light of possible continuing weakness of global commodity markets” over the next 12 months.

THE WALL STREET JOURNAL

SINO-FOREST INVESTOR TURNS AGAINST IT
Sino-Forest Corp’s biggest shareholder, previously a staunch ally of the timber company in its defense against fraud allegations, on Thursday called on the Chinese-Canadian firm to name a new chief executive and replace board members. Richard Chandler also called “disappointing and regrettable” Sino-Forest’s decision this week to skip an interest payment of about $10m.

AMERICAN AIR WARNS OF CUTS
AMR chief executive Tom Horton issued his first warning of hard times ahead since the American Airlines parent filed for bankruptcy-court protection two weeks ago. In a letter to the Texas airline’s 88,000 workers, Mr. Horton confirmed what many already expected: a downsized network, pruned labour contracts and layoffs.